(1)
The NIPC shall cancel an economic development incentive certificate —
(a)
on the application of the priority company concerned ;
(b)
on the cessation of the priority business or the company being liquidated or wound up ; or
(c)
where the priority company fails to commence production 12 months after the proposed production day.
(2)
The Minister may, on the recommendation of the NIPC, suspend the economic development incentive certificate and require the priority company to, not later than three months, remedy a non-compliance and furnish the details of compliance where —
(a)
any of the conditions for the grant of economic development incentive certificate was not met ; or
(b)
the Minister is of the opinion that a priority company has contravened any provision of this part or has failed to fulfil any estimate or proposal made in its application for an economic development incentive certificate or any conditions contained in its certificate.
(3)
Where a priority company fails to remedy the non-compliance or furnish the details of the compliance within the time specified in subsection (2), of this section the Minister shall, on the recommendation of the NIPC, recommend to the President, the cancellation of the economic development incentive certificate.
(4)
The President may, on the recommendation of the Minister, approve the cancellation of the economic development incentive certificate of the company, and any benefit that has accrued to the priority company from the economic development incentive status may be withdrawn.
(5)
The effective date of cancellation of an economic development incentive certificate of a priority company shall be where the —
(a)
company has operated for a period less than one year after the production day ;
(b)
company has operated for a period more than one year after the production day, the date of the last anniversary of the production day ; or
(c)
cancellation is as a result of failure to meet any of the condition for the grant of economic development incentive certificate on the production day.
(6)
Where the economic development incentive certificate of a company is suspended or cancelled, or where benefits that accrued to the company is withdrawn, the NIPC shall give notice of the cancellation or withdrawal to the Service and the company concerned, specifying the effective date thereof.